RE: Buy Trade For 0.77p10 Feb 2020 07:11
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Ormonde Mining plc
("Ormonde" or "the Company")
New Non-Executive Director Nominees
As indicated as part of Ormonde's announcement of 27 January 2020, both Mr. Michael Donoghue and Mr. John Carroll intend to retire from the Board and Company following the completion of the proposed disposal of the Company's 30% interest in the Barruecopardo Tungsten Mine ("Proposed Disposal"), assuming the Proposed Disposal is approved by shareholders at an extraordinary general meeting to be held in Dublin on 13 February 2020.
In preparation for these changes, Ormonde is pleased to announce that it has identified two new non-executive director nominees, who will replace Mr. Donoghue and Mr. Carroll, assuming completion of the Proposed Disposal. The nominees are Mr. Tim Livesey and Mr. Richard Brown, who both will bring extensive mining industry executive experience and a combination of strong technical, commercial and governance credentials to the Ormonde Board.
Mr. Livesey is a geologist and mining executive with 30 years of experience in gold and base metals. Tim is currently Chief Executive Officer and director of Oriole Resources PLC and non-executive chairman of Minexia Limited, a mining investment, development and advisory company, having previously held several executive management and Board roles with companies such as Barrick Gold, Tethyan Copper Company, Rakita Exploration and Reservoir Minerals, (which was sold in June 2016 to Nevsun Resources Ltd. for US$365 million).
Mr. Brown is a chartered accountant with 28 years of experience in business and corporate advisory roles and is currently Chief Financial Officer of TSX Venture Exchange quoted Gabriel Resource Ltd. Prior to his current position, Richard spent 15 years in corporate finance advisory roles, specialising in M&A/takeovers, equity capital markets, AIM/TSX regulatory advice, including positions as Head of Corporate Finance and Chief Operating Officer at mining focused investment bank Ambrian Partners.
Assuming completion of the Proposed Disposal and their subsequent appointments, Tim and Richard, together with Mr. Jonathan Henry, who will move from non-executive director to Executive Chairman, will provide Ormonde with the appropriate leadership, governance, experience and strategic direction as it targets a new phase for the Company, focussing on the creation of value from its current assets, together with pursuing growth through M&A, supported with the cash proceeds from the Proposed Disposal of EUR6 million.
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